NEW YORK (TheStreet) -- U.S. stock futures were pointing to a rebound on Wall Street Wednesday as investors cheered stronger-than-expected second-quarter GDP results and as tech stocks got a boost from Twitter's (TWTR) solid earnings report.
Futures for the Dow Jones Industrial Average (DIA) were gaining 67 points, or 68.89 points above fair value, to 16,912. S&P 500
"Dips continue to be buying, not selling opportunities," Craig Johnson, technical market strategist at Piper Jaffray, wrote in a note. He expects that the rotation toward large-cap stocks will likely continue for a while longer, while noting that the S&P 500 has on average continued to rise after such periods of large-cap outperformance. "At this juncture, the broader market remains in a well-defined uptrend," he added. "With the economy gradually healing, we suspect the market should continue to grind higher over the near-to-intermediate-term and we reiterate our call for 2,000 on the SPX and our year-end 2014 price objective of 2,100."
Twitter shares were surging 25.29% to $48.35 after the company showed that it was able to accelerate user growth in the second quarter and earned on a non-GAAP basis 2 cents a share on $312 million in revenue. Analysts polled by Thomson Reuters had expected Twitter to lose a penny a share on $283.07 million in revenue.